{"id":60835,"date":"2023-04-20T16:35:28","date_gmt":"2023-04-20T13:35:28","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=60835"},"modified":"2025-10-17T12:47:11","modified_gmt":"2025-10-17T09:47:11","slug":"wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark","status":"publish","type":"post","link":"https:\/\/www.smartindonesiafx.id\/zh\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\/","title":{"rendered":"WTI fails to capitalize on bullish momentum, slides below $80 mark"},"content":{"rendered":"

Crude prices<\/strong> were on the retreat this week, failing to break past last week\u2019s $83 peak and are currently found trading near the $78 level. Contributing to the depreciation in prices has been the prospect for a higher interest rate environment<\/strong> which could staunch global economic growth<\/strong> and thus tarnish the demand for energy<\/strong>. On the flip side, what kept a floor under crude\u2019s<\/strong> prices were the stronger than anticipated \u56fd\u5185\u751f\u4ea7\u603b\u503c <\/strong>results from China<\/strong>, which broadcasted to the world that the Red Dragon\u2019s sharp recovery<\/strong> after the abandonment of its strict zero covid policy<\/strong>, could play a pivotal role in the global scene in 2023. In this report we aim to shed light on the catalysts driving WTI\u2019s price<\/strong>, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

Russian oil flows towards the East<\/strong><\/h2>\n\n\n\n

Russian crude<\/strong> has been increasingly flowing towards the East<\/strong> since the start of the year and more specifically towards the largest oil consuming nation<\/strong> in the world, China<\/strong> and the now officially most populous nation<\/strong> in the world, India<\/strong>. According to Reuters, in the month of April, Russia sold the majority of its crude<\/strong> to these nations, with India<\/strong> receiving 70% and China<\/strong> 20% respectively, at above the $60 price cap<\/strong> that has been imposed by Western nations<\/strong> in December. The move essentially bypasses<\/strong> the sanctions<\/strong> and sends a disappointing message back to the Western world, whose plan was to stifle Russia\u2019s oil revenue inflows<\/strong>, that are used to prolong<\/strong> the war in Ukraine<\/strong>. Reuters data also showed that Urals sales<\/strong> in Asia have already matched half of last year\u2019s volume, indicative of record shipments in 2023. Russia\u2019s ability to expertly maneuver away from European \u201cpunishment\u201d and divert<\/strong> their flows<\/strong> towards<\/strong> the East<\/strong>, sends a bitter message to the group and without a doubt undermines the credibility<\/strong> of the European Commission\u2019s retaliation tactics<\/strong>. This makes the decision by Europe harder to swallow, since the sanctions<\/strong> left the continent depleted from Russian supply, compounding the negative impact on common European folks, who thankfully had luck on their side, as this winter\u2019s conditions were rather mild. Considering all this, a question arises, what about the next winter?<\/p>\n\n\n\n

Norway emerges as a key crude supplier for Europe<\/strong><\/h2>\n\n\n\n

As European nations aggressively work towards severing ties<\/strong> from Russia\u2019s oil supply<\/strong>, limiting their dependency, Norway steps in and capitalizes on the opportunity to cover<\/strong> the<\/strong> continent\u2019s<\/strong> crude<\/strong> needs<\/strong>. More specifically, Norway<\/strong> is now pumping crude<\/strong> to European market refineries<\/strong> in countries such as Finland, Germany and Poland, replacing in a sense the sanctioned flow<\/strong> from their common foe, Russia. Johan Sverdrup crude<\/strong>, the oil<\/strong> that gets extracted from Norse fields, has similar qualities to the Urals crude<\/strong> of Russia and could play a key role in the bloc<\/strong>\u2019s efforts to restock crude<\/strong> in the months ahead, as European nations brace for this year\u2019s winter impact. The capacity of Norway<\/strong> to cover the needs for the entirety of the European nations comes under question however and remains to be seen whether the country has the ability to do so.<\/p>\n\n\n\n

\u6280\u672f\u5206\u6790<\/strong><\/h2>\n\n\n\n
\n
\"\"<\/figure>\n<\/figure>\n\n\n\n
    \n
  • Support: 77.45 (S1), 75.65 (S2), 73.70 (S3)<\/li>\n\n\n\n
  • Resistance: 79.90 (R1), 82.35 (R2), 84.65 (R3)<\/li>\n<\/ul>\n\n\n\n

    Looking at WTICash 4-hour chart we see crude reversing last week\u2019s gains, having broken below the $80 key psychological level, forming a downwards trendline, and aims for the $77.45 (S1) support line. We hold a bearish outlook bias for the commodity, given its daily downwards path and supporting our case is the RSI indicator below our 4-hour chart which registers a value of 30, showcasing an intense bearish sentiment surrounding WTI. Should the bears extend their dominance, we would like to see a clear break below the $77.45 (S1) support level with a move towards the $75.65 (S2) resistance barrier. Should on the other hand the bulls take over, we may see the break above the descending trendline, the break of the  $79.90 (S1) support level and moving towards the $82.35 (S2) support base.<\/p>\n\n\n\n

    \u514d\u8d23\u58f0\u660e:
    This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

    Crude prices were on the retreat this week, failing to break past last week\u2019s…<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-60835","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-commodities","entry"],"acf":[],"yoast_head":"\nWTI fails to capitalize on bullish momentum, slides below $80 mark<\/title>\n<meta name=\"description\" content=\"Crude prices were on the retreat this week, failing to break past last week\u2019s $83 peak and are currently found trading near the $78 level\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/zh\/wp-json\/wp\/v2\/posts\/60835\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WTI fails to capitalize on bullish momentum, slides below $80 mark\" \/>\n<meta property=\"og:description\" content=\"Crude prices were on the retreat this week, failing to break past last week\u2019s $83 peak and are currently found trading near the $78 level\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartindonesiafx.id\/zh\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-20T13:35:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T09:47:11+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"WTI fails to capitalize on bullish momentum, slides below $80 mark\",\"datePublished\":\"2023-04-20T13:35:28+00:00\",\"dateModified\":\"2025-10-17T09:47:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/\"},\"wordCount\":699,\"publisher\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"zh-Hans\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/\",\"url\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/\",\"name\":\"WTI fails to capitalize on bullish momentum, slides below $80 mark\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/#website\"},\"datePublished\":\"2023-04-20T13:35:28+00:00\",\"dateModified\":\"2025-10-17T09:47:11+00:00\",\"description\":\"Crude prices were on the retreat this week, failing to break past last week\u2019s $83 peak and are currently found trading near the $78 level\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/#breadcrumb\"},\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/wti-fails-to-capitalize-on-bullish-momentum-slides-below-80-mark\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WTI fails to capitalize on bullish momentum, slides below $80 mark\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/#website\",\"url\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/zh\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\""Our Introducing Brokers program offers competitive conditions tailored to our partners' needs. 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